Unlocking Opportunities in the Explainable AI Market: Key Trends, Market Growth, and Forecast Insights
2025 Market Reports Update: Market Size Forecasts to 2034, Key Trends, Leading Players, and Top Regions – Get Ahead of the Competition Today!
What Major Innovations Are Driving the Accelerated Growth of the Explainable AI Market?
The surge in the utilization of the Internet of Things (IoT) is predicted to drive the expansion of the explainable AI market in the future. IoT encompasses a grid of interlinked physical gadgets equipped with sensors, software, and additional technologies that gather, exchange information, and interface with each other via the internet or other communication networks. In such networks, Explainable AI (XAI) is implemented to improve trust in machines among end users, as well as to render AI models more comprehensible and transparent, and to ensure clarity, trustworthiness and efficacious decision-making. For example, a study conducted in 2023 by Ericsson; a telecommunications firm based in Sweden, revealed that the total volume of IoT links peaked at 15.7 billion in 2023, and was projected to grow by 16%, reaching 38.8 billion by 2029. As a result, the increasing utilization of the Internet of Things (IoT) is spurring the advancement of the explainable AI market.
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What is the Predicted Annual Growth Rate of theExplainable AI Market Impact Industry Trends by 2034?
The market size for explainable AI has experienced an exponential surge recently. It is projected to expand from $8.1 billion in 2024 to $9.77 billion in 2025, with a compound annual growth rate (CAGR) of 20.6%. The historical growth trend is majorly driven by increased adoption of AR and VR, rising demand for XR displays and AR devices, and overall economic growth.
Anticipations are high for a skyrocketing expansion in the market size of explainable AI in the upcoming years. The market is projected to amass a total value of $20.74 billion by 2029, expanding at a Compound Annual Growth Rate (CAGR) of 20.7%. This amplified growth during the forecast period is subject to numerous factors including the escalating incorporation in educational games, heightened execution of gesture-based computing, burgeoning use of smartphones, augmented usage of interconnected devices, and the increasing uptake by the healthcare and education sector. Noteworthy trends that will shape this forecast period encompass advancements in micros displays technology, the embracing of novel technology, progression in extended reality technologies, innovation of a new in-vehicle display imaging system, and the assimilation of cutting-edge technology in ERD.
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What Are the Most Significant Market Trends Transforming theExplainable AI Market?
Prominent enterprises active in the explainable AI sector are embracing strategic collaborations to enhance their product capabilities and broaden their market footprint. A strategic collaboration is a cooperative agreement between two or more organizations, usually businesses, aimed at accomplishing shared, long-term goals. For instance, in July 2023, Fujitsu Limited, a company operating in the information and communications technology sector in Japan, entered into a partnership with Informa D&B, a marketing and information firm based in Spain. The aim of this partnership is to improve decision-making procedures by utilizing Fujitsu’s explainable AI to process and scrutinize data in a transparent manner. This initiative meets the requirement for advanced AI to address risks, notably in sectors like finance fraud detection. XAI facilitates the understanding of decision-making processes, thus improving transparency and trust while reducing biases.
What Are the Top Market Players Propelling the Growth of theExplainable AI Industry?
Major companies operating in the explainable ai market report are Amazon Web Services, Alphabet Inc., Microsoft Corporation, Intel Corporation, International Business Machines Corporation, NVIDIA Corporation, Salesforce Inc., Equifax Inc., SAS Institute Inc., Mphasis Limited, Fair Isaac Corporation, Databricks Inc., Alteryx Inc., Amelia US LLC, Temenos Headquarters SA, BuildGroup LLC, C3.ai Inc., Data Robot Inc., Tredence Analytics Solutions Pvt. Ltd., ArthurAI Inc., DarwinAI Corp., ISSQUARED Inc., H2O.ai Inc., Fiddler Labs Inc., Ditto Labs Inc.
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Which Primary Segments of the Explainable AI Market Are Driving Growth and Industry Transformations?
The explainable ai market covered in this report is segmented –
1) By Software Type: Standalone Software, Integrated Software, Automated Reporting Tools, Interactive Model Visualization
2) By Methods: Model-Agnostic Methods, Model-Specific Methods
3) By Vertical: Banking, Financial Services, And Insurance, Retail And E-Commerce, Information Technology Or Information Technology Enabled Services, Healthcare And Life Sciences, Government And Public Sector, Media And Entertainment, Manufacturing, Energy And Utilities, Telecommunications, Other Verticals
Subsegments:
1) By Standalone Software: Individual Explainability Tools, Model-Agnostic Explainability Solutions
2) By Integrated Software: Embedded Explainability in AI Platforms, Explainability In Data Analytics Tools
3) By Automated Reporting Tools: Automated Model Evaluation Reports, Compliance And Auditing Reports
4) By Interactive Model Visualization: Dashboard Visualization Tools, Interactive Data Exploration Tools
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Which Regions Are Key Players in the Growth of the #What Major Innovations Are Driving the Accelerated Growth of the Explainable AI Market?# Market?
North America was the largest region in the Explainable AI market in 2024. The regions covered in the explainable ai market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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